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Agile insurance carrier - What the carrier has to look like? Glenn Lottering Senior Director, EMEA Insurance Product Strategy and Sales Consulting.

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Presentation on theme: "Agile insurance carrier - What the carrier has to look like? Glenn Lottering Senior Director, EMEA Insurance Product Strategy and Sales Consulting."— Presentation transcript:

1 Agile insurance carrier - What the carrier has to look like? Glenn Lottering Senior Director, EMEA Insurance Product Strategy and Sales Consulting

2 The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.

3 About Oracle Insurance Dedicated Insurance team End-to-end Insurance solutions Sales and service Administration and claims Financials and Human Capital Management Enterprise infrastructure Deep Insurance domain expertise 20 of the top 20 Fortune 500 insurers use Oracle applications

4 Market forces at play Regulatory Demographic Technology Competitors Risk Landscape Major market forces at play Shareholders Rating Agencies

5 Gartner © 2011, Oracle Corporation. All rights reserved. This document is provided for information purposes only. “Life, P&C and health insurers have returned to growth in 2010 in most international markets.” Source: Gartner, Inc. “Predicts 2011: Insurers Must Focus on Customer Retention, Operational Excellence and Compliance,“ November 2010 “Insurers continue to face fundamental issues, such as increasing market saturation, changing customer expectations and continuous compliance and regulatory pressure. Because of this environment, CIOs for insurance organizations must carefully balance their IT investments in 2011. Scrutinized by CEOS and CFOs they must provide the assets necessary to address regulatory changes, increase customer retention and improve operational excellence.”

6 Insurance Execs Priority Rankings 1.Delivery of Regulatory & Compliance Obligations 2.Enhanced Distribution & Multi-Channel Capabilities 3.More Customer-Centric Resources 4.Greater Operational Efficiency 5.Risk Management Awareness 6.Business Intelligence Tools 7.Modernised IT Infrastructure 8.Improve Time-to-Market of New Products (Survey Sep 2010 senior IT Executives of 12 Leading Insurers)

7 Supporting The Insurance Business Lifecycle

8 Revenue and Margin Pressure Insurance Market Dynamics Market Pressure Management and Regulatory Requirements

9 Responding to Market Dynamics Deploying an adaptive insurance enterprise Market Pressure Manage your business effectively, transparently, and securely Management and Regulatory Requirements Effective Business Management Rapid Deployment Consistent Service Revenue and Margin Pressure

10 Insurance Industry Imperatives  Outpace Competitors in Delivering Product  Expand and optimize Distribution Channels  Ensure Channel Compliance  Streamline Policy  Consolidate for process efficiency  Telling the same story every day, every way  Be transparent  Manage performance every day  Manage risk in all things Effective Business Management Rapid Deployment Consistent Service

11 The Adaptive Enterprise Sense/Respond Cycle Insurance Business Data Mastery Business Intelligence

12 Oracle Insurance Adaptive System An adaptive approach to software innovation – Rules-based applications – Extensible data structures – Configurable content – Commitment to SOA, Web services and industry standards – Flexible and reliable technology foundation

13 Oracle Insurance Adaptive Application Architecture for Policy Lifecycle Management Leads Opportunities Prospects Sales Process Policy Regulatory Transactions Bill Plan Bill History Collections Incidents Adjudication Rules Reserves Illustrations Rates / Quotes Templates Bundles Illustrations Policy Administration System Premium Billing Claims Insurance CRM Rating UW Desktop Oracle Master Data Management UW Case Mgmt. Assets, Reserves, Fees Oracle Enterprise Service Bus / BPM Product Def. Product Updates Adjustments Billing / Rates Contact / Account Opportunity BI & Data Warehouse 3 rd Party & Legacy Financials & Consolidation s Document Automation Coverage Customer Operational BI Performance Solvency II/Risk

14 We Invite You to Join the Conversation Connect and Interact with Oracle Insurance All Year Long Follow Us on Twitter – www.twitter.com/oracleinsurance Like Us on Facebook – www.facebook.com/oracleinsurance Join Our Group on Linked In – www.linkedin.com, and search “Groups” for “Oracle Insurance.” Read our Blog – blogs.oracle.com/insurance Social networking provides an engaging way for customers and partners to interact with Oracle, and offer a community for open discussion.

15 Questions © 2011, Oracle Corporation. All rights reserved. This document is provided for information purposes only.

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17 Thank you

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